Terex (NYSE:TEX) Posts Quarterly Earnings Results, Beats Expectations By $0.23 EPS

Terex (NYSE:TEX) posted its earnings results on Thursday. The industrial products company reported $1.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.37 by $0.23, reports. Terex had a net margin of 9.87% and a return on equity of 31.52%. The firm had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.23 billion. Terex updated its FY24 guidance to $6.95-7.35 EPS and its FY 2024 guidance to 6.950-7.350 EPS.

Terex Stock Down 0.5 %

Shares of NYSE TEX opened at $59.60 on Friday. Terex has a one year low of $42.50 and a one year high of $65.89. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.01 and a quick ratio of 0.95. The firm’s 50 day simple moving average is $60.06 and its two-hundred day simple moving average is $56.28. The stock has a market capitalization of $4.01 billion, a P/E ratio of 7.89, a PEG ratio of 0.59 and a beta of 1.64.

Terex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Friday, March 8th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date was Thursday, March 7th. Terex’s payout ratio is currently 9.01%.

Insider Buying and Selling at Terex

In other news, insider Kieran Hegarty sold 18,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $56.80, for a total transaction of $1,022,400.00. Following the completion of the sale, the insider now owns 198,619 shares of the company’s stock, valued at $11,281,559.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Kieran Hegarty sold 18,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $56.80, for a total transaction of $1,022,400.00. Following the completion of the sale, the insider now owns 198,619 shares of the company’s stock, valued at $11,281,559.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO John L. Garrison, Jr. sold 50,000 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $64.28, for a total value of $3,214,000.00. Following the completion of the sale, the chief executive officer now directly owns 315,483 shares of the company’s stock, valued at approximately $20,279,247.24. The disclosure for this sale can be found here. Insiders have sold 132,039 shares of company stock worth $8,078,574 over the last ninety days. Insiders own 1.90% of the company’s stock.

Institutional Trading of Terex

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. New York State Teachers Retirement System lifted its stake in Terex by 3.0% in the first quarter. New York State Teachers Retirement System now owns 95,966 shares of the industrial products company’s stock worth $6,180,000 after acquiring an additional 2,751 shares during the period. Louisiana State Employees Retirement System lifted its stake in Terex by 2.1% in the first quarter. Louisiana State Employees Retirement System now owns 19,300 shares of the industrial products company’s stock worth $1,243,000 after acquiring an additional 400 shares during the period. FCG Investment Co lifted its stake in Terex by 4.7% in the first quarter. FCG Investment Co now owns 6,314 shares of the industrial products company’s stock worth $407,000 after acquiring an additional 285 shares during the period. Fruth Investment Management purchased a new position in Terex during the first quarter valued at $215,000. Finally, Measured Wealth Private Client Group LLC lifted its position in Terex by 14.0% during the first quarter. Measured Wealth Private Client Group LLC now owns 5,638 shares of the industrial products company’s stock valued at $363,000 after buying an additional 692 shares during the period. Hedge funds and other institutional investors own 92.88% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TEX. Bank of America reissued an “underperform” rating and issued a $57.00 price target on shares of Terex in a report on Friday, January 19th. Evercore ISI cut their price target on shares of Terex from $65.00 to $63.00 and set an “outperform” rating on the stock in a report on Tuesday, February 20th. The Goldman Sachs Group boosted their price target on shares of Terex from $52.00 to $59.00 and gave the stock a “neutral” rating in a report on Tuesday, February 13th. JPMorgan Chase & Co. downgraded shares of Terex from an “overweight” rating to a “neutral” rating and set a $63.00 price target on the stock. in a report on Monday, March 18th. Finally, UBS Group downgraded shares of Terex from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $61.00 to $62.00 in a report on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Terex currently has an average rating of “Hold” and an average price target of $65.08.

About Terex

Terex Corporation manufactures and sells aerial work platforms and materials processing machinery worldwide. It operates in two segments, Materials Processing (MP) and Aerial Work Platforms (AWP). The MP segment designs, manufactures, services, and markets materials processing and specialty equipment, includes crushers, washing systems, screens, trommels, apron feeders, material handlers, pick and carry cranes, rough terrain cranes, tower cranes, wood processing, biomass and recycling equipment, concrete mixer trucks and concrete pavers, conveyors, and related components and replacement parts under the Terex, Powerscreen, Fuchs, EvoQuip, Canica, Cedarapids, CBI, Simplicity, Franna, Terex Ecotec, Finlay, ProAll, ZenRobotics, Terex Washing Systems, Terex MPS, Terex Jaques, Terex Advance, ProStack, Terex Bid-Well, MDS, and Terex Recycling Systems brands.